Cigarette sales fall in December quarter

The pandemic-induced intermittent lockdowns put a damper on the financial performance of Sri Lanka’s monopoly cigarette operator Ceylon Tobacco Company PLC (CTC), with the October-December 2020 quarter (4Q20) recording lower cigarette sales.

Cigarette sales fall in December quarter

The pandemic-induced intermittent lockdowns put a damper on the financial performance of Sri Lanka’s monopoly cigarette operator Ceylon Tobacco Company PLC (CTC), with the October-December 2020 quarter (4Q20) recording lower cigarette sales.

Colombo Port needs global partners to retain hub status

Failure to get global shipping industry players onboard as joint venture (JV) partners in operations and development of the Colombo Port could potentially threaten its status as a top transshipment hub in the region, as Chinese-managed Hambantota Port plans to begin handling containerised cargo over the next 5 to 10 year period, according to a shipping industry expert.

Ceylon Tobacco appoints Suresh Shah as Chairman

Reputed business leader Suresh Kumar Shah has been appointed Chairman of Ceylon Tobacco Company PLC (CTC) with effect from 16 February 2021.

Government extends waiver on landing, parking charges for airlines till July

The Cabinet of Ministers this week granted approval to extend waivers on landing and aircraft parking charges at Mattala Rajapaksa International Airport (MRIA) and Bandaranaike International Airport (BIA) to attract international airlines in a bid to support the recovery of country’s tourism sector.

JKH back on top; LOLC still holding on to 3rd place

Premier blue chip John Keells Holdings has regained the mantle as the most valuable company on the Colombo Stock Exchange (CSE) after losing it briefly to diversified LOLC Holdings PLC, which enjoyed a stunning rally in January.

Sampath Bank successfully navigates pandemic-induced challenges in 4Q

Sampath Bank emerged largely unscathed from the pandemic-induced challenges in the three months ended December 31, 2020 (4Q20), although the lender reported lower top and bottom lines due to slower growth in loans, payment holidays on loans and narrow margins.

U.S. oil prices climb on Texas cold snap, Brent stable

Oil prices hovered near 13-month highs yesterday on the back of a cold snap shutting wells in Texas, the biggest crude producing state in the United States, while a wage deal in Norway averted outages in Europe, capping gains.

Pre-paid card for public transport gets Cabinet nod

Cabinet nod has been received to introduce an online pre-paid transit card for Sri Lanka’s public transport service and to implement an electronic system for charging fees, based on a proposal of Lanka Clear (Pvt.) Ltd under the National Card Scheme (NCS).

Govt. seeks private sector investors to implement 100 kW solar power programme

The government has decided to select private sector investors through a competitive bidding process to implement a 100 kW solar power generation programme within next 18 months.

Ceylon Tobacco appoints Suresh Shah as Chairman

Reputed business leader, Suresh Kumar Shah, has been appointed Chairman of Ceylon Tobacco Company PLC (CTC) with effect from 16 February 2021.

Digitalisation cuts banks’ costs significantly

The rapid transition of banks and their customers on to digital platforms from the conventional brick-and-mortar banking helped the former the most, as such shift saved billions of rupees in near-term costs alone but questions linger to what extent such cost savings were passed on to the customers.

Manufacturing and services expand in Jan. building on momentum regained in Nov.

Sri Lanka’s manufacturing and services activities expanded at a faster pace in January, continuing the momentum regained since November last year, as the two sectors received a boost from new businesses while the prospects for future activities further improved with the normalising of economic activities world over.

Aitken Spence records 44% PBT growth in 3Q21 from non-tourism operations

Leading blue-chip conglomerate Aitken Spence PLC’s non-tourism multi-industry sectors reported a profit-before-tax (PBT) of Rs.1.3 billion in 3Q21, a growth of 44 percent compared to the previous year, in the midst of challenging economic conditions.

Resus Energy connects first ground-mounted solar PV plant to national grid

Diversifying its portfolio, Resus Energy PLC, a forerunner in renewable energy, operating a number of mini hydropower stations in Sri Lanka, recently connected the first of its ground-mounted solar PV plants to the national grid.

Banking sector December NPLs fall to lowest level seen during 2020

Sri Lanka’s banking sector asset quality, measured by the gross non-performing loan (NPL) ratio, fell to the lowest level seen during 2020, finishing the year with 4.9 percent, according to the Central Bank (CB) officials.

NBFI sector bad loans up

The asset quality of Sri Lanka’s non-banking financial institution (NBFI) sector worsened in 2020, with the sector’s non-performing loans (NPLs) ratio reaching 13 percent at the end of the year, following its short-lived recovery in the third quarter of the year, according to the Central Bank. Due to the effects of the pandemic, the sector’s NPLs peaked to 14.14 percent in the second quarter of last year.

Hayleys 3Q earnings grow fourfold

Diversified, export-focussed Hayleys PLC, which has a line of strong manufacturing businesses, saw its revenues during the quarter ended on December 31, 2020 (3Q21) surging while the earnings quadrupled.

PUCSL nod for PPA of 300MW Kerawalapitiya LNG power plant

The Public Utilities Commission of Sri Lanka (PUCSL), the electricity sector regulator, has approved the power purchase agreement (PPA) to build the 300 MW Kerawalapitiya liquid natural gas (LNG) power plant in Sri Lanka, under the new chairmanship and board members, last week.

LOLC Group records Rs.45bn PAT for nine months

LOLC Holdings PLC (LOLC) recorded a PAT of Rs.45 billion for the nine months ended on December 31, 2020, after adjusting for corporate tax on a PBT of Rs.48 billion.

PUCSL nod for PPA of 300MW Kerawalapitiya LNG power plant

The Public Utilities Commission of Sri Lanka (PUCSL), the electricity sector regulator has approved the power purchase agreement (PPA) to build 300 MW Kerawalapitiya liquid natural gas (LNG) power plant in Sri Lanka under the new chairmanship and the board members, last week.

LOLC Group records Rs.45bn PAT for nine months

LOLC Holdings PLC (LOLC) recorded a PAT of Rs.45 billion for the nine months ended December 31, 2020, after adjusting for corporate tax on a PBT of Rs. 48 billion.

Foreign reserves dwindle to US$ 4.8bn end-January

The gross official reserves fell by US$ 850 million during January 2021 as the Central Bank settled US$ 971 million worth of foreign currency denominated liabilities due in the month.

Government to offer CICT-like deal to India to develop West Container Terminal

Sri Lanka eyes to develop the West Container Terminal (WCT) of the Colombo Port with India’s Adani Group and other parties offering 85 percent stake in the terminal.

LCB Finance to list shares on stock market soon

Lanka Credit and Business Finance Ltd. (LCB Finance) expects to list its shares on the Colombo Stock Exchange (CSE) shortly.

Tesla to set up electric car manufacturing unit in southern India

Billionaire Elon Musk’s Tesla Inc. will set up an electric-car manufacturing unit in the southern Indian state of Karnataka, according to a government document seen by Reuters on Saturday.

Lion Brewery 3Q gets boost from increased exports

Lion Brewery Ceylon PLC (LION) recorded performance for the quarter ended December 31, 2020 (3Q21) although the lockdowns due to second wave of COVID-19 in early October disrupted supply chains and local consumer appetite.

Hemas ends 3Q on strong note; pandemic hinders consumer biz momentum

Hemas Holdings PLC delivered a strong financial performance for the three months ended December 31, 2020 (3Q21), although the October lockdowns slowed some momentum in consumer business, while the group divested its leisure business during the quarter to focus on its core business segments going forward.

Distilleries Co. comes to rescue of Melstacorp in 3Q

Distilleries Company of Sri Lanka PLC continued to buffer Melstacorp PLC’s financial performance during the three months ended December 31, 2020 (3Q21), but the businesses under the diversified category, including tourism-heavy Aitken Spence Holdings PLC, weighed on the group’s financials.

CB expects marked improvement in economy this year

While dismissing the ‘doom and gloom predictions’ of international agencies, the Central Bank (CB) expects a marked improvement in Sri Lanka’s macroeconomic fundamentals this year, under the government’s ‘alterative policy’, recovering from the impacts of the pandemic, last year.